+1.56(+4.17%)

-38.80(-2.25%)

-0.49(-2.72%)

-0.0050(-0.44%)

Alwaleed Philanthropies Allocates $30 Million to the Battle Against COVID-19

- Alwaleed Philanthropies has allocated funding to help enable better hygiene, improve the testing capabilities in developing countries and provide long-term economic solutions, such as, securing the equitable allocation of medical supplies for the most vulnerable communities, amongst other initiatives

- The fund has been allocated to diverse initiatives in partnership with The Bill & Melinda Gates Foundation, Gates Philanthropy Partners, the World Health Organization (WHO), UN-Habitat, GAVI, Splash, The Islamic World Educational, Scientific and Cultural Organization (ICESCO) and the END Fund.

- It comes after HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, Chair of Alwaleed Philanthropies made available all of his properties in Saudi Arabia for the fight against COVID-19

RIYADH, Saudi Arabia, April 27, 2020 /PRNewswire/ -- Alwaleed Philanthropies, chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, the global philanthropic foundation, has allocated $30 million to a variety of diverse initiatives to battle against COVID-19 in collaboration with a variety of partners. By working together in collaboration, the series of impact-driven initiatives will seek to tackle the health and economic implications of the pandemic, such as; manufacturing rapid diagnostic tests for developing countries and reducing the long-term impact of the potential economic fallout of COVID-19. The fund includes an additional $20.6million on top of $9.4million of existing funds, which have been reallocated for the fight against COVID-19.

The $30 million in allocation of funds to tackle COVID-19 comes after HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud made available many of his assets including his Four Seasons Hotel, Kingdom Schools, Banque Saudi Fransi, and National Industralization Company (Tasnee) to support the Kingdom of Saudi Arabia to combat COVID-19. Recent support was also provided through Alwaleed Philanthropies (Lebanon) to help repatriate hundreds of Lebanese students studying in France, Italy and Spain.

Continuing to support the Middle East and North Africa, the fund includes a significant allocation towards initiatives including allocation to UN-Habitat to improve water, sanitation and hygiene in the most vulnerable communities and to establish shelter and rehabilitate damaged housings in order to address overcrowding and enable social/physical distancing in disadvantaged neighborhoods.

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud said, "In these times of unprecedented crisis it is more important now than ever that we pull our resources together in the battle against COVID-19. With many developed nations struggling to cope with the COVID-19 pandemic, we must spare a thought for the developing countries of Africa and the less fortunate countries in the Middle East.

"Alwaleed Philanthropies has a 40-year history of supporting development and humanitarian initiatives that lift up the most vulnerable people and bridge the gaps that divide society, we will continue to do so in the face of the pandemic."

Alwaleed Philanthropies is also working with The Islamic World Educational, Scientific and Cultural Organization (ICESCO) to contribute to mitigate the economic fallout of the crisis in Africa while promoting hygiene in developing countries. The amount allocated to ICESCO will strengthen local manufacturing capabilities to produce hygiene products and protective equipment while empowering women and young entrepreneurs in the informal and local sector.

Many of the initiatives will support vital work across the Middle East, Africa and South Asia to support communities and curb the spread of COVID-19. Alwaleed Philanthropies will be working with the Gates Philanthropy Partners to fund a number of health projects to accelerate the development of therapeutics and delivery of diagnostics to protect vulnerable populations across Africa. This includes an allocation to the Africa Centres for Disease Control and Prevention, which will allow for additional diagnostic laboratories and testing capabilities throughout the continent. Additionally, Alwaleed Philanthropies is building upon its existing relationship with Splash to provide clean water and promote hand washing in rural and urban areas in South Asia and Africa.

Supporting scientific research to reduce future outbreaks, Alwaleed Philanthropies has built on its 4-year relationship with Gavi supporting the Infuse program with a further amount allocated to provide accessibility and innovative solutions to reach remote areas, and an allocation to support the World Health Organization (WHO) in strengthening its existing procurement capacity to rapidly secure needed emergency products and build a global stockpile.

About Alwaleed Philanthropies

For four decades, Alwaleed Philanthropies supports and initiates projects nearly 200 countries, regardless of the gender, race or religion. It has reached more than one billion beneficiaries around the world. We collaborate with a range of philanthropic, government and educational organizations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding through education. Together with partners around the world, we build bridges for a more compassionate, tolerant and accepting world.